Dubai's real estate markets peaking: JLL

Dubai

DUBAI'S markets for residential real estate and hotel properties are peaking as lower oil prices dampen sentiment, though strong government spending and the emirate's diversified economy mean a sharp pull-back is not expected, consultants JLL said in a report on Sunday.

The residential market surged early last year on the back of a strong economy, with rents up 15 per cent and selling prices up 20 per cent in 2014 as a whole. But activity cooled considerably in the fourth quarter, JLL said.